WHY CEDERBERG CAPITAL?

"If you want to have a better performance than the crowd, you
must do things differently from the crowd."

- Sir John Templeton

Peers’ philosophy

Cederberg’s philosophy

Consensus

Contrarian

Street research

Proprietary research

Risk = share price volatility

Risk = permanent loss of capital

Relative returns

Absolute returns

Trading mindset

Business owner mindset

Diversification

Concentration

Peers' culture

Cederberg's culture

Perspective: local or global

Perspective: local and global

Gathering assets

Capacity conscious

Governance: low priority

Governance: obsession

No skin in game

Most of PM's net worth

Peers’ philosophy

Consensus

Street research

Risk = share price volatility

Relative returns

Trading mindset

Diversification

Cederberg’s philosophy

Contrarian

Proprietary research

Risk = permanent loss of capital

Absolute returns

Business owner mindset

Concentration

Peers' culture

Perspective: local or global

Gathering assets

Governance: low priority

No skin in game

Cederberg's culture

Perspective: local and global

Capacity conscious

Governance: obsession

Most of PM's net worth

x

UK STEWARDSHIP CODE

The FCA’s Conduct of Business Sourcebook rule 2.2.3R requires Cederberg Capital Ltd (the “firm”), as an Investment Manager, to disclose the nature of its commitment to the UK Stewardship Code (“the Code”) issued by the Financial Reporting Council. If the firm does not commit to the Code, it must state in general terms its alternative investment strategy. The code sets out various principles relating to the level of engagement by investors with UK equity issuers. Investors may either comply with the Code or choose not to comply with certain aspects of the Code, in such case an explanation of non compliance is required.

The firm pursues an investment strategy that involves it investing in global equities. While the firm generally supports the objectives that underlie the Code, the firm has chosen not to commit to the Code. The approach of the firm in relation to engagement with issuers and their management are determined on a global basis and, consequently, does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction.